How we helped this facility management company clean up big
MAJOR SAVINGS in IT spending, through cloud advantages
AUTOMATED currency conversion, budgeting & forecasting
VISIBILITY across the entire financial close process – Data Collection from source ERP and validation through Consolidation to Reporting
SIGNIFICANT REDUCTION in time & cost to complete Consolidation & Close, Monthly Management & Statutory Reporting
COMPLETE AUTOMATION for Financial Consolidation and Reporting
A regional leader in facilities management, our client has been providing a myriad of services to some of the biggest businesses across different countries in the Middle East, Africa, South Asia, and Turkey, for more than 18 years.
Their facility management solutions cover 75+ services through dedicated business verticals such as oil & gas, banking, integrated workplaces, education, and retail, among others.
Presence across a vast multi-lingual, multi-currency geography, plus a comprehensive menu of services in a labor-intensive sector meant major challenges, such as preparing budgets in multiple currencies, high volumes of cash transactions, manual planning, management of various project components, and, not least, managing of labor and all its attendant issues.
In addition, the use of a disparate Excel-based consolidation process meant longer timelines for financial close.
Implementation of Planning and Budgeting Cloud Solution
Using best practices we conceived an end-to-end consolidation solution tailored to provide needed features, such as automation of data and meta-data updates, driver-based budgeting, and forecasting modules. The solution also eliminated the tedium of multiple currency conversion with an application to convert amounts into each project’s local currency before the budget cycle.
Implementation of Financial Consolidation and Close Cloud Solution
The solution design kept best practices in mind to make the application user-friendly and low on maintenance. Translations, multi-calendar, multi-GAAP, complex ownership calculations and reporting structures were planned using system default functionalities. Robust reporting for the consolidated and stand-alone basis for various scenarios – Actual, management, budget, forecast, and the long-term plan is facilitated using the FCCS system.
In brief, all FCCS features were exhaustively used in this project: Financial Close Cycle, Consolidation, Reporting, and Dashboarding.
Implementation of Oracle EPM Cloud Solution helped lower spending on IT software and hardware and added all the agility and flexibility of the cloud. Implementing Planning and Budgeting Cloud Solution enabled moving to driver-based modules for expense planning—including subcontractor, vehicle, and rent—as well as automated workforce and Capex, bringing in transparency, expediency, and reduced dependence on manual processes, resolving our key challenges.
Implementing Financial Consolidation and Close Cloud Solution helped timely financial close and close monitoring, seamless consolidations with complex ownership structure, diverse reporting requirements, multiple calendars for reporting across countries, group and sub-group level consolidations, and large volumes of data validation Management and statutory consolidations, and reporting is effortlessly managed by the system, enabling the finance team to focus on more important and value-added tasks of insightful analysis.